South Korea’s Kumho Industrial Co. said it had sold 946.5 billion won ($811.9 million) worth of assets, including its 415.5 billion won stake in Daewoo Engineering & Construction to a private equity fund operated by Korea Finance Corp. to boost liquidity. Kumho will also take a 30% stake in the fund with a 150 billion won investment to share profits when the fund re-sells the acquired assets from the firm, the company said.
(Reuters) – South Korea’s Kumho Industrial Co said it had sold 946.5 billion won ($811.9 million) worth of assets, including its 415.5 billion won stake in Daewoo Engineering & Construction to a private equity fund operated by Korea Finance Corp to boost liquidity.
Kumho will also take a 30 percent stake in the fund with a 150 billion won investment to share profits when the fund re-sells the acquired assets from the firm, the company said.
($1 = 1165.8500 Korean won) (Reporting by Miyoung Kim)
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